Tiger Management disclosed in an SEC filing its holdings as of September 30, 2018. Tiger's 20 new buys during the third quarter included PagSeguro Digital (PAGS) and a number of ETFs. Tiger exited 22 positions during the quarter, including by size of previous position, New Oriental Education (EDU), Redfin (RDFN), Twenty-First Century Fox (FOXA), Amazon (AMZN), and Mondelez (MDLZ). Tiger increased its stake in 18 holdings, including by size of previous position, Alibaba (BABA), Cisco (CSCO), Microsoft (MSFT), NXP Semiconductors (NXPI), and Blackstone Group (BX). Tiger reduced its stake in 11 holdings, including by size of previous position, Boot Barn (BOOT), JPMorgan Chase (JPM), Spotify (SPOT), Royal Caribbean (RCL), and Delta (DAL). Tiger's top holdings as of September 30, 2018, in order of size, were Microsoft, Alibaba, Blackstone, Adobe (ADBE), and Alphabet (GOOG).

Chinese education sector selloff unwarranted, says JPMorgan. The results reported mid-year in the Chinese education sector have not deteriorated sufficiently to warrant the share price performance, JPMorgan analyst Leon Chik tells investors in a research note. The analyst points out that the average education company under his coverage is down 25%-30% since the end of May. He believes this may be due to greater uncertainty over the future due to a slowing economy and an increase in government regulations. New regulations provide short term challenges but help speed up market consolidation as larger operators can cope with changes better, Chik tells investors in a research note. The analyst's top after school tutorial picks are TAL Education (TAL) and New Oriental Education (EDU). He also has an Overweight rating on Bright Scholar Education (BEDU). Chik lowered his price target for TAL to $48 from $58, for New Oriental to $85 from $98 and for Bright Scholar to $15 from $20.

Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Pfizer (PFE) downgraded to Market Perform from Outperform at BMO Capital with analyst Alex Arfaei saying he maintains a positive view on the company longer-term but sees valuation at current levels reflecting its risk-reward profile. 2. Encana (ECA) downgraded to Underperformer from Neutral at CIBC. 3. New Oriental Education (EDU) downgraded to Hold from Buy at Deutsche Bank with analyst Tallan Zhou saying he expects "lingering margin pressure" following Q1 results. 4. Autoliv (ALV) downgraded to Neutral from Buy at Longbow with analyst Anthony Deem saying he sees the company's revenue growth being "very solid" through 2020 in mid-to-high single digit percentage territory, but he is less confident in positive operating leverage due to incremental cost overruns associated with new launches. 5. Aegion (AEGN) downgraded to Hold from Buy at Canaccord with analyst Chip Moore saying the company is a well positioned pipeline infrastructure play that is poised to benefit from attractive secular drivers longer-term, but the risk/reward is balanced at current levels. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

New Oriental Education downgraded to Hold from Buy at Deutsche Bank. Deutsche Bank analyst Tallan Zhou downgraded New Oriental Education to Hold and lowered his price target for the shares to $55 from $105. The analyst expects "lingering margin pressure" following last week's Q1 results.

New Oriental Education announced that its founder and executive chairman Michael Minhong Yu has informed the company of his intention to use his personal funds to purchase the company's American depositary shares on the open market for an aggregate amount up to a maximum of $30M within the next three months. Yu has agreed not to sell any shares or ADS of the company held by him or his affiliates for a period of six months commencing today.

New Oriental Education price target lowered to $80 from $105 at Benchmark. Benchmark analyst Fawne Jiang noted New Oriental Education reported mixed Q1, with better than expected revenue and an earnings shortfall caused mainly by higher operating expenses and online investments. She anticipates New Oriental will likely face near-term margin pressure due to costs associated with regulatory changes and ongoing investments and lowered her price target to $80 from $105, but keeps a Buy rating on the shares as Jiang remains positive on its top-line growth.